INDIAN SITUATION
Questions about professional competence, ethics and credibility of companies and audit firms have been raised in India too. After all, who can forget the fraud by the largest Indian non-banking finance company, Tata Finance, and its investment subsidiary, Niskalp, which was found to have invested heavily in K-10 scrips. Certain unauthorized financial transactions (including diversion of funds to Niskalp), allegedly undertaken by its (then) management, led by managing director, Dilip Pendse, reportedly caused a loss of INR 1.25 billion to Tata Finance. In October 2001, the entire board of Tata Finance including its auditors, S.B. Billimoria & Co. resigned owning moral responsibility for the controversy and the losses suffered. ...
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